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IN BRIEF / California

Specialty Labs Regains Right to Bill Medicare

July 18, 2002|Bloomberg News

Specialty Laboratories Inc. said the federal government had reinstated its right to bill Medicare and Medicaid as of June 19.

Regulators charged earlier this year that the Santa Monica company's laboratory testing was conducted by unlicensed staff, and they suspended its ability to bill the government health insurance programs. The company also was fined $3,000 a day, starting Feb. 22.

Specialty Labs earlier this month cited the suspension and fines in reporting a loss for the second quarter and the firing of about 80 employees, or 10% of its work force.

The announcement was made after the markets closed. Specialty Laboratories' shares fell 28 cents to $8.25 on the New York Stock Exchange.

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